A seniors housing campus on Long Island’s North Shore recently sold with the help of Dave Balow and Ryan Saul of Senior Living Investment Brokerage. The campus comprises Oyster Bay Manor, an assisted living community built in 1984, and Harbor House, a memory care community opened in 2001. Harbor House was the first of its kind to serve Alzheimer’s residents on Long Island. Additionally, there is an ancillary home healthcare agency that was established in 2014. Combined, there are 136 units and 208 licensed beds.
Occupancy was around 84%, and the community operated at a 22% margin on $12.375 million of revenues. Its local owner/operator decided to sell to a private real estate investor with a growing footprint across downstate New York. The purchase price came to $35.5 million, or $261,000 per unit, at a 7.7% cap rate.
